Brooklyn Investment Group Acquires Shares of 839 Hess Co. (NYSE:HES)

Brooklyn Investment Group bought a new position in shares of Hess Co. (NYSE:HES) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 839 shares of the oil and gas producer’s stock, valued at approximately $114,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Primecap Management Co. CA lifted its position in Hess by 4.4% during the 2nd quarter. Primecap Management Co. CA now owns 8,098,012 shares of the oil and gas producer’s stock worth $1,194,619,000 after acquiring an additional 340,490 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Hess by 31.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,318,822 shares of the oil and gas producer’s stock worth $450,696,000 after purchasing an additional 785,270 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Hess by 34.5% during the second quarter. Bank of New York Mellon Corp now owns 2,835,486 shares of the oil and gas producer’s stock worth $418,291,000 after purchasing an additional 726,631 shares during the period. Legal & General Group Plc grew its position in Hess by 6.6% in the 2nd quarter. Legal & General Group Plc now owns 2,451,807 shares of the oil and gas producer’s stock valued at $361,691,000 after buying an additional 150,945 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Hess by 11.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,798,788 shares of the oil and gas producer’s stock valued at $265,359,000 after buying an additional 181,459 shares during the last quarter. Hedge funds and other institutional investors own 88.51% of the company’s stock.

Insider Activity

In other news, SVP Geurt G. Schoonman sold 6,000 shares of Hess stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $141.91, for a total value of $851,460.00. Following the completion of the sale, the senior vice president now owns 27,581 shares of the company’s stock, valued at $3,914,019.71. The trade was a 17.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John B. Hess sold 125,000 shares of Hess stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $147.08, for a total value of $18,385,000.00. Following the completion of the sale, the chief executive officer now owns 217,894 shares of the company’s stock, valued at $32,047,849.52. This trade represents a 36.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 314,370 shares of company stock worth $45,856,309 over the last three months. 9.76% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on HES shares. Wolfe Research upgraded shares of Hess from a “peer perform” rating to an “outperform” rating and set a $150.00 target price for the company in a research note on Monday, September 30th. BMO Capital Markets raised their price objective on shares of Hess from $155.00 to $160.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Scotiabank lifted their price objective on Hess from $157.00 to $167.00 and gave the company a “sector perform” rating in a report on Thursday, October 10th. Citigroup cut their target price on Hess from $160.00 to $145.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Finally, Wells Fargo & Company reduced their price target on Hess from $171.00 to $151.00 and set an “equal weight” rating for the company in a report on Friday, September 27th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $163.30.

Hess Stock Up 0.3 %

HES opened at $146.76 on Thursday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.13 and a current ratio of 1.26. The company has a market cap of $45.22 billion, a price-to-earnings ratio of 17.10 and a beta of 1.15. Hess Co. has a one year low of $123.79 and a one year high of $163.98. The business’s fifty day moving average is $139.73 and its two-hundred day moving average is $142.31.

Hess (NYSE:HES) last released its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported $2.14 EPS for the quarter, topping the consensus estimate of $1.88 by $0.26. Hess had a net margin of 20.58% and a return on equity of 27.41%. The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same period in the previous year, the firm earned $1.64 EPS. The business’s revenue for the quarter was up 12.7% compared to the same quarter last year. Analysts anticipate that Hess Co. will post 9.72 EPS for the current fiscal year.

Hess Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend was Monday, September 16th. This is a boost from Hess’s previous quarterly dividend of $0.44. Hess’s dividend payout ratio is 23.31%.

About Hess

Hess Corporation, an exploration and production company, explores, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas. The company operates in two segments, Exploration and Production, and Midstream. It conducts production operations primarily in the United States, Guyana, the Malaysia/Thailand Joint Development Area, and Malaysia; and exploration activities principally offshore Guyana, the U.S.